$IO

$NOT

The US CPI in May was lower than expected, and the US stock market was greatly encouraged. Of course, there is also the Fed meeting today and Powell's press conference afterwards. The main point of the meeting is whether the dot plot has dropped from 75 points three times before to 50 points twice, 25 points once before, or even no points this year. It seems that it is not important for the time being. The expectation of a rate cut in September continues to rise. In addition, the effect of the US Treasury's 10-year Treasury bond auction yesterday was not bad, which caused the Treasury bond yield to fall a little. Powell's press conference will probably not deviate from his last remarks, that is, it seems to be balanced at present, and it will take longer to give the Fed confidence to cut interest rates.